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Late Equity Roundup: IT Consumer Discretionary Shares Outperform

US STOCKS
  • Stocks continue to extend session highs in late Friday trade, Information Technology and Consumer Discretionary sector shares outperforming. Currently, S&P E-Mini future are up 60 points (1.38%) at 4422.5, Nasdaq up 258 points (1.9%) at 13779.56, DJIA up 331.18 points (0.98%) at 34222.64.
  • Initial support for Eminis is still well below: 4257.75/4122.25 (Low Nov 3 / Low Oct 27 and the bear trigger). Initial technical resistance of 4432.12 (High Oct 12) followed by 4435.50 (trendline resistance drawn from the Jul 27 high).
  • Leaders: Semiconductor shares buoyed the IT sector for the second day running: KLA Corp +5.49%, LAM Research +5.15%, ON Semiconductor +5.05%. Meanwhile, the Consumer Discretionary sector gained traction in the second half, lead by auto- and parts makers: Aptiv +4.67%, Tesla, +2.1%, Ford +1.44, GM +1.37%.
  • Laggers: Pharmaceutical and biotech shares continued to weigh on the Health Care sector: Illumina tumbling -9.83% on weak forward guidance citing global macro pressures. Distant second and third: Regeneron slipped -1.25% while Pfizer traded -0.98%. Meanwhile, Utilities weighed by lagging water and gas providers: AWK -0.77%, ATO -0.1%
  • While the latest corporate earnings cycle is winding down, there are still some big names on the calendar next week: Tyson Foods on Monday, Aramark and NCR on Tuesday, Advanced Auto Parts, TJX and Cisco next Wednesday.
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